You think you know your children? Think again before making one of them your Executor.
I've wanted to post this subject for a while now. I'm sure the majority of families are very healthy, and secure with what their parents wishes are when they pass away. Most parents assign one of their children as their Executor of their estate when they pass. I'm here to advise that all
Agents think long, and hard before assigning one of your children to oversee your estate when you pass. I know most of you are thinking "I'm not worried one bit. I know my son/daughter. Their fairness & responsibility is beyond reproach. They would never ever do their siblings wrong!" Statistics show you are wrong. What parents fail to consider is the fact that money changes everything, and everyone. I have no legal expertise. I am advising from personal experience, and witnessing many others whose parents estate turned out to be a nightmare due to a sibling being the Exceutor. The rule of thumb is: if a person has a financial interest in your estate they should NOT be the Executor. The higher the stakes, the uglier it becomes. Siblings who are normally caring, compassionate, and fair suddenly find all kinds of reasons to justify their dominance, and home court advantage over a sibling who is also an heir. I have seen families divided, and financial ruin over sibling fighting over their parents estate. If you absolutely do not want anyone but one of your children to be the Executor of your estate then there is one safe guard you can take to prevent resentments, and unfairness. Find a good attorney that you trust, discuss your will in depth, and assign that attorney as the "attorney of record" over your estate. Make this assignment part of your will. This attorney will also know what your wishes are, and will help guide the child/Executor of your estate. Keep them fair, and honest, and prevent disputes, and arguments while being unbiased and fair with all your children equally. Hipefully one day the law will change and make unlawful to assign any person that has a stake in your estate also the Executor. But, until then you can do what you can to make sure your fa I,y stays close, and together AFTER you are gone.